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The Color of Money: Black Banks and the Racial Wealth Gap
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About The Color Of Money: Black Banks And The Racial
Product Description “Read this book. It explains so much about the moment…Beautiful, heartbreaking work.” ―Ta-Nehisi Coates“A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.”―The Atlantic“Extraordinary…Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.”―Ezra KleinWhen the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks.With the civil rights movement in full swing, President Nixon promoted “black capitalism,” a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy.“Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why.”―Los Angeles Review of Books“A must read for anyone interested in closing America’s racial wealth gap.”―Black Perspectives Review “Lays out how, over centuries, policymakers wrote Black Americans out of the economic system…Baradaran’s work resonates now as millions protest around the U.S.―speaking out not only against police brutality against Black Americans, but the systemic racism that pervades America’s institutions.” ― Huffington Post “Baradaran…provides a deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.” ― Gillian B. White , The Atlantic “Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why…Banking today already offers low interest loans and free services to the wealthy, while reserving payday lending and check cashing for those with the least resources. Baradaran’s lesson is that a separate system of black capitalism would intensify, rather than ameliorate, this dynamic along the lines of race.” ― Armond Towns and Carolyn Hardin , Los Angeles Review of Books “Baradaran’s point is to show how white and Black Americans effectively live in two separate economies… As a work of history, the book contains a disturbingly coherent narrative of racist plunder spanning from the Freedman’s Bureau bank to today’s payday lenders… Baradaran’s book is a must read for anyone interested in closing America’s racial wealth gap.” ― Guy Emerson Mount , Black Perspectives “Extraordinary… Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America, and the way the rhetoric of equal treatment under the law was weaponized, as soon as slavery ended, against efforts to achieve economic equality.” ― Ezra Klein , The Ezra Klein Show “Baradaran has produced an important, sobering assessment of historic and contemporary African American banks… [She] provides an overview of American and African American economic history from the era of slavery to the present.” ― Robert E. Weems, Jr. , American Historical Review “Anyone who manages money, invests in others’ livelihoods or lives in America should read The Color of Money…The book digs into financial institutions and policies that are responsible for creating and maintaining racial inequalities in the United States…The book breaks down the stereotypes of self-help dogma that tout ‘save more, don’t spen
